Daily Tech & GNSS News Digest - February 12, 2026

The software selloff continued to dominate headlines as AI disruption fears spread to wealth management stocks, while memory chip shortages pinched margins at Cisco despite surging AI demand. Apple’s troubled Siri AI upgrade hit new snags in testing, potentially pushing key features to iOS 27 in September. In GNSS news, Hexagon NovAtel released firmware upgrades delivering significant tracking improvements for challenging environments, while YouTube finally launched a dedicated Vision Pro app two years after the headset’s debut.

Tech News

Memory Chip Prices Hit Cisco Despite Strong AI Demand

Cisco Systems delivered an upbeat sales forecast driven by growing artificial intelligence revenue, but its stock tumbled in late trading after the company projected weaker-than-expected profitability due to surging memory chip costs. The networking giant forecast adjusted gross margin of roughly 66% for the quarter through April, well below the 68.2% analysts had estimated.

The margin pressure reflects a broader semiconductor squeeze that Intel CEO Lip-Bu Tan says will persist until at least 2028. “There’s no relief as far as I know,” Tan said at a conference this week, citing conversations with major memory producers. The relentless surge in memory prices has created stark winners and losers across the tech sector, with companies from Nintendo to Apple suppliers seeing shares slump on profitability concerns while memory producers soar to unprecedented heights.

Apple’s Siri AI Upgrade Faces New Testing Snags

Apple’s long-planned overhaul of its Siri virtual assistant has encountered fresh problems during internal testing, potentially pushing back several highly anticipated features. After planning to include the new AI capabilities in iOS 26.4—slated for March—Apple is now working to spread them across iOS 26.5 in May and iOS 27 in September, Bloomberg reports.

The delays add to Apple’s troubled AI rollout, which has seen repeated setbacks over the past year. Apple originally targeted spring 2026 for the upgraded Siri, code-named “Campos,” which would transform the digital assistant into a full-fledged AI chatbot deeply embedded in iPhone, iPad, and Mac operating systems. The company’s Siri chief previously called the delays “ugly and embarrassing,” acknowledging that publicly promoting the technology before it was ready made matters worse.

Altruist AI Tax Tool Sparks Wealth Management Selloff

An artificial intelligence tool aimed at creating tax strategies sparked a selloff in wealth-management stocks as investors feared the sector could be the next AI casualty. Shares tumbled after fintech startup Altruist released a tax planning feature within its Hazel AI platform, sending shockwaves through the industry.

Raymond James Financial dropped 8.8% for its worst day since March 2020, while Charles Schwab sank 7.4% and LPL Financial lost 8.3%—their worst sessions since April. The selloff continues a pattern that has seen AI fears ripple across sectors, from the software “SaaSpocalypse” to private credit firms and insurance brokerages in recent weeks.

Altruist CEO Jason Wenk appeared on Bloomberg Technology to defend the tool, arguing that AI augments rather than replaces human advisors. However, investors remain skittish as AI capabilities increasingly encroach on professional services that were previously considered disruption-resistant.

Software Selloff Deepens as Wall Street Debates Bottom

The software sector’s rout extended further on February 12 as fears about AI disruption showed no signs of abating. Year-to-date, Salesforce and Workday are both down more than 40% as investors question the sustainability of subscription software businesses in an AI-powered world.

However, some market observers argue the selloff has gone too far. JPMorgan strategists see potential for a software rebound based on “overly bearish outlook on AI disruption and solid fundamentals.” Goldman Sachs CEO David Solomon called the selloff “too broad,” suggesting indiscriminate selling has created buying opportunities in quality names. Software stocks are now trading at “bargain bin prices” according to several Wall Street analysts, though uncertainty about AI’s ultimate impact remains intense.

Additional Headlines

YouTube Launches Vision Pro App: Alphabet’s YouTube finally released a dedicated app for Apple’s Vision Pro, two years after the headset’s debut. The app offers full access to YouTube’s billions of videos with support for 3D content and immersive 180/360-degree clips.
AI Bond Boom Shakes Markets: Tech companies’ AI-driven capital expenditure is fueling record bond issuance, with JPMorgan forecasting $1.81 trillion in US investment-grade sales in 2026—surpassing the 2020 record.
Asian Stocks Hit Records: The MSCI emerging markets index rose 0.6% with Samsung and SK Hynix leading the Korean Kospi to fresh highs as AI hardware demand remained robust despite software sector weakness.

GNSS News

Hexagon NovAtel Releases Enhanced GNSS Firmware for Challenging Environments

Hexagon | NovAtel released its latest firmware update for the OEM7 family of GNSS receivers, introducing advanced tracking capabilities that significantly enhance positioning performance in obstructed environments such as dense foliage and urban canyons. The update delivers tracking improvements of 5-7 dB and acquisition improvements of 4-5 dB for most GNSS signals.

Most notably, the firmware provides up to 48% improvement in 3D position error when using SPAN GNSS+INS technology in severely GNSS-challenged environments. Customers can now benefit from enhanced position accuracy and availability leveraging NovAtel’s SPAN GNSS+INS integration, precise point positioning (PPP), and real-time kinematic (RTK) capabilities—ensuring greater operational availability and reduced downtime for surveying, mapping, and autonomous applications.

Furuno and Xona Partner on LEO PNT Timing Solutions

Furuno Electric signed a memorandum of understanding with Xona Space Systems to develop products integrating Xona’s Pulsar low-Earth orbit positioning, navigation, and timing service. The partnership focuses initially on timing and synchronization applications for critical infrastructure and telecommunications networks.

Xona is building a roughly 258-satellite constellation delivering dual L-band navigation signals designed to be spectrally compatible with existing GNSS. The company notes that Pulsar signals are approximately 100 times stronger than traditional MEO GNSS—a key advantage for resilience and urban performance. The signals are intentionally GNSS-like, allowing receiver manufacturers to add Pulsar support via firmware updates rather than requiring RF hardware redesigns.

Key Takeaways

Memory Shortage Squeezes Tech Margins: With memory chip relief not expected until 2028, hardware-dependent companies face sustained margin pressure even as AI demand drives top-line growth—a dynamic that will reshape competitive positioning across the semiconductor supply chain.
AI Disruption Fears Spread Beyond Software: The selloff that began in SaaS has now hit wealth management, insurance, and other professional services sectors, suggesting investors are rapidly repricing AI disruption risk across the entire economy.
GNSS Resilience Investment Accelerates: Hexagon’s firmware improvements for challenging environments and the Furuno-Xona LEO PNT partnership reflect growing industry focus on positioning reliability as applications move into GPS-denied and contested scenarios.